Singapore legislation
Clause 27
Clause 27
Futures brokers to lodge annual accounts, etc.
(1)
A futures broker shall —
in respect of the financial year beginning before and ending after the commencement of this Act or the day on which the futures broker commences to carry on business as a futures broker, whichever is later; and
in respect of each subsequent financial year,prepare a true and fair profit and loss account and a balance-sheet made up to the last day of the financial year and lodge the account and balance-sheet with the Authority within 3 months, or such extension thereof permitted by the Authority under subsection (2), after the end of the financial year, together with an auditor’s report on the accounts and balance-sheet.
(2)
Where an application for the extension of the period of 3 months specified in subsection (1) is made by a futures broker to the Authority and the Authority is satisfied that there are special reasons for requiring the extension, the Authority may extend that period by 3 months, subject to such conditions as the Authority thinks fit to impose.
(3)
Any futures broker who fails to comply with subsection (1), or with any condition imposed under subsection (2), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.